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Sanjeev Gupta is bringing the dying steel industry back to life 'And it fits in with our engineering business serving the likes of Jaguar and Rolls Royce aerospace.
It means we don't have the costs of importing steel and we will use local renewable energy.' Gupta proudly points out that his existing steelworks at Newport is already using local energy sources. 'I think our steelworks in Newport is the only one in the world to run on waste fish oil,' he says. His plan is to have a chain of steelworks across the UK which can melt five million tons of scrap steel a year within five years as opposed to burning iron ore and coal to make pig iron and then steel in a traditional blast furnace. About ten million tons of scrap steel is produced in the UK each year. The deal with charm australia Tata Steel is only the latest stage in Gupta's burgeoning British industrial empire. As well as steel mills he has recently bought a Scottish hydro electric power shop pandora charms online plant, an aluminium smelting plant and a bank. Not bad for a man who founded his business while a student at Trinity College, Cambridge, in 1992. Gupta didn't mind too much he says his firm Liberty House was already turning over 1 million by then. Now the metals trading and steel making business operates from London, Dubai, Singapore and Hong Kong and has an annual turnover of 3 billion. But it is Gupta's conviction that the British steel industry has a bright future which makes him stand out. British steel has been blighted by huge plant closures as cheap Chinese steel has flooded UK markets, driving down the price. At the same time, uniquely high energy costs as a result of Government green taxes do not help. 'In Britain we invented modern steel making but now we import 80 per cent of the 21 million tons of steel we use every year. Above all, we don't use our scrap steel instead we export most of our steel scrap to be re melted abroad and then we buy it back again. But we can change all that,' he says. 'All the steel in bridges, buildings and cars is recyclable. 'The Americans get 70 per cent of their steel this way. But we are the world's biggest exporter of scrap. Most importantly, the UK supply of where can you buy pandora charms scrap steel is about to increase. 'It will go from ten million to 20 million tons over the next ten to 15 years as our infrastructure comes up for renewal. 'This steel can be very locally produced and that's good for the environment, good for engineering, good for jobs and good for shareholders.' While born in India, Gupta has adopted Britain as home. His wife Nicola is from Canvey Island in Essex and they live, with their three young children, in Wyelands, a 4.5 million estate near Chepstow in Monmouthshire. A fortnight ago Gupta and his family company bought British based Tungsten Bank, which will be renamed Wyelands Bank after his country home. It will specialise in financing for industry, though he stresses that it is completely separate from the rest of the business. 'I think smaller businesses have had a tough time getting loans. We aim to service that market and be an industry friendly source of finance,' he says. And last month he also bought the Lochaber hydro electric plant and aluminium smelting plant in Scotland from Rio Tinto Aluminium for 330 million. It has helped that he was born into a wealthy steel making Indian family, of course, growing up in the Punjabi city of Ludhiana. His father, who built the huge Victor bicycle business in India, sent him to boarding school in Canterbury after he had run away from his school in the Himalayas. He was caught up in the 'Panama Papers' scandal when leaked documents showed Liberty House had registered its commodities operation in the Central American tax haven two years ago. Liberty says the company never traded or had a pandora charms for wife bank account in Panama and suspended plans to set up there.
But Gupta, known as SKG while his father is PK, clearly has grand designs in the UK: he bought the former Alphasteel plant at Newport out of administration in 2013 and opened it last year after keeping the 150 workers on the books during its closure, paying them half pay and allowing them to take other jobs in the meantime if they wished. Last month, he opened a steel works at Tredegar in South Wales which was previously owned by Caparo and again bought out of administration. Liberty is also an investor in the Tidal Lagoon project in Swansea bay.
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